＂董秘＂社会资本对信息披露质量的影响研究

Social Capital of the Secretary of the Board of Directors and Its Impact on Firm's Information Disclosure Quality

传统关于信息披露的研究往往聚焦于法律等正式制度因素,忽略了行为主体的社会嵌入性以及信任等非正式制度对信息披露的内在影响。本文以深市2004-2011年上市公司为研究样本,基于社会资本嵌入性理论,从横向、纵向和社会声誉三个层面构建综合指标体系衡量董秘个人社会资本,研究董秘社会资本对信息披露的影响。结果表明,董秘社会资本越大,公司信息披露质量越高;在法律保护较为薄弱或信任度较低的地区,董秘社会资本对提高公司信息披露质量的作用更为显著,起到了正向的替代作用。

Traditional research pays more attention to the influence of effect factors on firm＇s information disclosure quality under the formal institution （law）, but neglects informal institution such as trust, the social embeddedness of person＇s behavior and its impact on firm＇s information disclosure quality. Based on the sample of listed firms in Shenzhen Stock Exchange Markets from 2004 to 2011 and the embeddedness theory of social cost, this paper de- signs the composite individual social capital index of the secretary from three dimensions such as horizontal relationship, vertical relationship and social reputation by using the public disclosure information. The first part of empirical results shows that the more abundant social cost of the secretary of the board of directors is, the higher company information disclosure quality is. Then embedding Chinese cultural customs and system background, the research analyses the substitution relationship between social cost of the sec- retary and law protection （or the level of regional trus0. Empirical results show that the individual social cost of the secretary has a significant substitution effect in the region with a low level of trust （or the low law protection） and plays a vanguard role in the aspect of improving corporate information disclosure quality. That is to say, the social capital owned by the secretary of the board of directors significantly increases information disclosure quality and this pos- itive effect is greater in the areas where the legal regime environ- ment is poor or the trust level is low. From the perspective of secre- tary＇s social cost, this dissertation has verified the policy effect of the secretary system for the first time in China. This paper not only enriches the social capital theory and broadens the research field of corporate governance environment, but also enriches literatures on the substitution relationship between social cost of the secretary and the law protection （or the level of regional trust）.